Randi Zuckerberg just tweeted today about CloudCoin after a conversation with Sean Worthington, the founder of Raida and CloudCoin.
Randi is the former Director of Market Development and spokesperson for Facebook, and a sister of the company’s co-founder and CEO Mark Zuckerberg. Prior to working at Facebook, she was a panelist on Forbes on Fox. As of May 2014, she is founder and CEO of Zuckerberg Media
CloudCoin is on the way to become a global, widely adopted digital currency and CloudCoin Consortium thanks Randi Zuckerberg for the mentions.
If you are not living under a rock you already know at least one or two things about the newest stars on the internet – Blockchain and Bitcoin (traded as BTC). There are public listed companies nowadays which added Blockchain to their name and became 300% more valuable in the span of just few days. The absolute harsh reality is that 95.89% of Bitcoins are owned by 3.47% of the wallets (September 2017 stats) this meaning at the end of the day that the owners of the wallets can manipulate the price of Bitcoins.
Also, for a transaction of $5 in Bitcoin equivalent the fees are $20 in average which makes a daunting task for BTC to be mass adopted in retail. If you also add the fact that it takes hours to even days to have a transaction confirmed then you simply understand that Bitcoin failed big time in becoming a mass adopted currency. The major payment platform Stripe announced recently that will stop processing Bitcoin transactions on April 23, 2018. Stripe staff anounced this on the blog: “Over the past year or two, as block size limits have been reached, Bitcoin has evolved to become better-suited to being an asset than being a means of exchange. Given the overall success that the Bitcoin community has achieved, it’s hard to quibble with the decisions that have been made along the way. (And we’re certainly happy to see any novel, ambitious project do so well.)
This has led to Bitcoin becoming less useful for payments, however. Transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies. (By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the “wrong” amount.) Furthermore, fees have risen a great deal. For a regular Bitcoin transaction, a fee of tens of U.S. dollars is common, making Bitcoin transactions about as expensive as bank wires.
Because of this, we’ve seen the desire from our customers to accept Bitcoin decrease. And of the businesses that are accepting Bitcoin on Stripe, we’ve seen their revenues from Bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense.”
There is space for BTC to become an investment vehicle and the actual Satoshis to be traded. This infographic was created in the middle of 2017 showing nice returns from Bitcoin and other digital currencies but not saying anything about the risks involved. And the biggest risk is not that you can buy high and sell low but to lose the digital coins due to a security breach or hacking. If you think MySpace few years ago, nobody believed back then that Facebook could take over the world and it happened. The biggest danger for Bitcoin is that both the miners and the users to move their interests towards something else.
- Spending Speed: with BTC the transactions take 40 minutes to hours and even days to be confirmed while CloudCoin (CLOUD) transactions take milliseconds;
- BTC can be stolen while with CloudCoin (CLOUD) everything is 100% safe if encrypted. Theft is eliminated if owner updates RAIDA before a theft can occur (Unique to CloudCoin);
- Privacy: BTC is Pseudonymous / Pseudo-Anonymous while CloudCoin (CLOUD) is 100% Anonymous (Unique to CloudCoin);
- Software requirement: BTC Requires “Wallet” while CloudCoin (CLOUD) requres No special software needed (Unique to CloudCoin);
- Public Ledger of all transactions: BTC uses Public Ledger which is available to the entire world while with CloudCoin (CLOUD) there is no public ledger or centralized database. Check “What is Raida?” (Unique to CloudCoin);
- Hackable: BTC can have serious security problems. Hundreds of millions were already lost. With CloudCoin (CLOUD) RAIDA servers can be fixed by CloudCoin owners (Unique to CloudCoin);
- Storage: with BTC special software is required while with CloudCoin (CLOUD) it can be printed on paper, memorized as pass-phrases, on cell phones or computers, as text files or jpeg images, offline on any storage device. Encryption is optional. (Unique to CloudCoin);
- Infrastructure Funding: BTC is funded primarily by Bitcoin miners who allow their servers to be used publicly. Anyone can be a Bitcoin Miner. CloudCoin authentication by RAIDA Administrators is funded with CloudCoins that have been completely lost or abandoned and recovered by the CloudCoin Consortium. RAIDA Administrators must be Certified by the CloudCoin Consortium (Unique to CloudCoin);
- Fractions: Bitcoin uses insane fractions like .000002 while CloudCoin (CLOUD) uses only integer denominations (whole numbers like fiat money) and doubles if too valuable, to scale to user’s needs. Comes in denominations of 1, 5, 25, 100 and 250 CloudCoin units called Notes;
- Usage as a currency: like the stone money of the Island of Yap, BTC uses a public accounting system that all can see. This system is not private and open to attack.